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How Mortgage Debt in Hawaii Compares to Other States

The COVID-19 pandemic fueled a surge in demand among homebuyers that is only now beginning to show signs of slowing. This historic demand coincided with low borrowing costs, limited housing inventory, and labor and materials bottlenecks that have been hampering new construction. These factors have pushed home values to all time highs, forcing many buyers to take on mortgages that put them deep in debt.

According to a recent report from Experian, a consumer credit reporting company, American homeowners with a mortgage had an average unpaid balance of $229,242 in 2020. Mortgage debt can be impacted by multiple regional factors, and as a result, the amount of debt American homeowners are paying down varies considerably by state.

Mortgage debt is far higher in Hawaii than it is nearly anywhere else in the country. Homeowners paying mortgages in Hawaii carry an average debt of $387,977, the second highest of any state -- over $80,000 more than in Washington, the state with the third highest average mortgage debt, and $158,700 higher than the national average.

Such high debt levels are largely attributable to high home values. The typical home in the state is worth $669,200, the most of any state and well more than double the national median home value of $240,500.

All mortgage debt data used in this story from the 2020 State of Credit Report by Experian, a consumer reporting agency. Average mortgage debt is a measure of the average first mortgage balance per consumer who had an open first mortgage account. Figures for median home value, median household income, homeownership rates, and the share of owner-occupied households with a mortgage came from the U.S. Census Bureau's 2019 American Community Survey.

RankStateAverage mortgage debt ($)Median home value ($)Median household income ($)Homeowners with a mortgage (%)50West Virginia128,004124,60048,85046.449Mississippi135,374128,20045,79249.148Indiana140,915156,00057,60365.247Ohio142,293157,20058,64262.146Arkansas143,066136,20048,95253.045Kentucky143,329151,70052,29556.944Iowa146,408158,90061,69159.943Oklahoma147,538147,00054,44954.442Michigan150,482169,60059,58459.341Missouri155,203168,00057,40960.240Kansas155,277163,20062,08757.939Nebraska156,568172,70063,22959.538Wisconsin160,116197,20064,16862.737Alabama160,341154,00051,73455.336Louisiana165,572172,10051,07351.735Maine167,615200,50058,92460.534Vermont172,919233,20063,00161.733South Dakota173,005185,00059,53355.632New Mexico174,292180,90051,94552.931Pennsylvania175,648192,60063,46359.130North Dakota181,930205,40064,57752.129South Carolina183,603179,80056,22758.028Tennessee184,360191,90056,07158.227North Carolina188,520193,20057,34163.226Illinois189,808209,10069,18762.425Georgia196,030202,50061,98064.224Minnesota198,039246,70074,59365.123Texas201,084200,40064,03456.122Montana206,561253,60057,15355.421New Hampshire208,570281,40077,93364.920Idaho208,645255,20060,99964.319Wyoming208,716235,20065,00359.218Delaware210,933261,70070,17665.517Florida214,203245,10059,22756.316Rhode Island217,019283,00071,16966.315Arizona229,332255,90062,05562.414Alaska244,840281,20075,46360.813Connecticut247,241280,70078,83366.212Nevada253,602317,80063,27667.411Utah258,635330,30075,78070.110Oregon261,147354,60067,05866.19Virginia269,570288,80076,45667.78New Jersey270,329348,80085,75165.67Maryland274,311332,50086,73871.96New York274,349338,70072,10859.65Massachusetts292,513418,60085,84368.34Colorado297,813394,60077,12770.83Washington307,407387,60078,68767.72Hawaii387,977669,20083,10264.41California396,229568,50080,44069.0

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